Investments

12 Months Ended

Jun. 30, 2020

4.	Investments

Cash in excess of immediate requirements is invested in accordance with the Company’s investment policy, which primarily seeks to maintain adequate liquidity and preserve capital. At both June 30, 2020 and 2019, the Company’s investments consisted entirely of

held-to-maturity

debt securities that were due in one year or less from the respective balance sheet dates.

The Company’s debt securities that are classified as

held-to-maturity

are summarized below.


	June 30,
In thousands	2020			2019
U.S. Treasury Securities:
Amortized cost	$	41,995		$	55,292
Gross unrealized gains		54			78
Gross unrealized losses		(3	)		—

Fair value of investments	$	42,046		$	55,370

The Company expects to collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. At the end of each reporting period, the Company evaluates its securities for impairment, if and when, the fair value of an investment is less than its amortized cost. In the event that the fair value of an investment is less than its amortized cost, the Company will evaluate the underlying credit quality and credit ratings of the issuer. Specifically, the Company believes that the unrealized losses disclosed in the above table were primarily driven by interest rate changes rather than by unfavorable changes in the credit ratings associated with those securities. The Company does not intend to sell any of its investments before recovering its amortized cost base, which may be at maturity.